Business
uSell.com Changes Name to PhoneX Holdings, Inc. and Posts Strong First Quarter Results
uSell.com Changes Name to PhoneX Holdings, Inc. and Posts Strong First Quarter Results.
About this update from Phonex Holdings, Inc.
[{"type":"text","content":"Name Change Related to Sale of uSell.com Domain and Continued Focus on Wholesale B2B PlatformNEW YORK, NY / ACCESSWIRE / May 17, 2019 / PhoneX Holdings, Inc (OTC: PXHI) formerly known as uSell.com, Inc. (OTC: USEL), today reported results for the first quarter of 2019. Key Financial Highlights: Revenues increased by $3,555,000, or 25.1%, to $17,729,000 for the quarter ended March 31, 2019, from $14,174,000 for the quarter ended March 31, 2018. Gross profit was $1,546,000 for the quarter ended March 31, 2019, compared to negative gross profit of ($619,000) for the quarter ended March 31, 2018. Operating income improved by $2,486,000 to $486,000 for the quarter ended March 31, 2019, from an operating loss of $2,000,000 for the quarter ended March 31, 2018. Net income for the quarter ended March 31, 2019 was $371,000, compared to a net loss of ($2,374,000) for the quarter ended March 31, 2018. Adjusted EBITDA, a non-GAAP financial measure, was $846,000 for the quarter ended March 31, 2019, compared to a loss of ($1,580,000) for the quarter ended March 31, 2018. See "Non-GAAP Financial Measure - Adjusted EBITDA" below The Company had working capital of $3,557,000 at March 31, 2019 vs. a working capital deficit of ($1,327,000) at March 31, 2018.The following table presents Adjusted EBITDA, a non-GAAP financial measure, and provides a reconciliation of Adjusted EBITDA to the directly comparable GAAP measure reported in the Company's consolidated financial statements: Quarter Ended March 31, 2019 2018 Net income (loss) $ 371,000 $ ($2,374,000 ) Stock-based compensation expense 17,000 67,000 Depreciation and amortization 343,000 353,000 Interest expense 115,000 374,000 Adjusted EBITDA $ 846,000 $ ($1,580,000) The Company posted strong results for the first quarter of 2019, partly as a result of favorable market conditions, but also as a result of its substantially lower cost structure, its strategy to purchase more opportunistically, and increased activity on its online platform located at www.WeSellCellular.com. The Company's Adjusted EBITDA for Q1 does not include a substantial amount of accumulated payments from Brightstar, which are currently recorded as Deferred Revenue on the Company's balance sheet. As of March 31, 2019, $833,335 of Brightstar payments had been recorded as Deferred Revenue. The Company expects to comple...